One of the problems with the definition of economic growth is that
A) it overstates economic growth because it does not account for leisure time.
B) it does not account for the distribution of income.
C) it overstates economic growth because it does not account for the reduction in work time.
D) it understates economic growth because it does not account for the reduction in work time.
B
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Holding all else equal, if the U.S. government imposes tariffs on imported products, then the equilibrium value of the U.S. dollar will:
A. be determined by the Federal Reserve. B. depreciate. C. remain fixed. D. appreciate
For network externalities to occur
A) the government has to create new laws. B) deadweight loss must be minimized. C) there must be a critical mass of users. D) there must be a positive benefit to society.
Which of the following is FALSE regarding a monopsonist?
A) The monopsonist is the only buyer in a market. B) The monopsonist faces an upward sloping labor supply curve. C) The monopsonist faces an upward sloping labor demand curve. D) The monopsonist faces the entire market labor supply curve.
If the Canadian dollar depreciates, holding other things constant, it makes Canadian imports
a. More expensive for Canadian customers b. Less expensive for Canadian customers c. Neither more or less expensive for importers d. None of the above